KeyCorp Comments on KLA Co.’s Q1 2024 Earnings (NASDAQ:KLAC)

KLA Co. (NASDAQ:KLACGet Rating) – Investment analysts at KeyCorp issued their Q1 2024 earnings per share estimates for KLA in a research report issued on Thursday, July 28th. KeyCorp analyst S. Barger expects that the semiconductor company will post earnings per share of $6.09 for the quarter. KeyCorp currently has a “Overweight” rating and a $410.00 target price on the stock. The consensus estimate for KLA’s current full-year earnings is $20.89 per share. KeyCorp also issued estimates for KLA’s Q2 2024 earnings at $6.25 EPS, Q3 2024 earnings at $6.09 EPS and Q4 2024 earnings at $6.19 EPS.

Several other brokerages have also recently weighed in on KLAC. The Goldman Sachs Group decreased their target price on KLA from $437.00 to $344.00 in a research note on Friday, July 15th. UBS Group decreased their target price on KLA from $360.00 to $345.00 and set a “neutral” rating for the company in a research note on Tuesday, June 28th. Evercore ISI set a $425.00 price target on KLA in a research report on Monday, June 20th. Piper Sandler decreased their price target on KLA from $385.00 to $352.00 and set a “neutral” rating for the company in a research report on Thursday, May 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on KLA from $385.00 to $400.00 and gave the company a “maintains” rating in a research report on Friday. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, KLA has an average rating of “Moderate Buy” and an average price target of $424.55.

KLA Price Performance

Shares of KLAC opened at $383.54 on Monday. The stock’s fifty day moving average is $335.98 and its 200-day moving average is $347.37. KLA has a one year low of $282.83 and a one year high of $457.12. The firm has a market capitalization of $57.24 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 0.86 and a beta of 1.29. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.63 and a current ratio of 2.33.

KLA (NASDAQ:KLACGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The semiconductor company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.46 by $0.35. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.42 billion. KLA had a return on equity of 78.72% and a net margin of 36.41%. The company’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same period last year, the company earned $4.43 earnings per share.

KLA announced that its board has initiated a share buyback plan on Thursday, June 16th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 12.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

KLA Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 1st. Stockholders of record on Monday, May 16th were paid a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Friday, May 13th. KLA’s dividend payout ratio (DPR) is presently 20.39%.

Insider Transactions at KLA

In related news, EVP Oreste Donzella sold 96 shares of the firm’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $320.00, for a total value of $30,720.00. Following the transaction, the executive vice president now directly owns 35,442 shares of the company’s stock, valued at approximately $11,341,440. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Bren D. Higgins sold 1,020 shares of the firm’s stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $337.02, for a total value of $343,760.40. Following the transaction, the chief financial officer now directly owns 64,257 shares of the company’s stock, valued at approximately $21,655,894.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Oreste Donzella sold 96 shares of the firm’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $320.00, for a total value of $30,720.00. Following the completion of the transaction, the executive vice president now directly owns 35,442 shares in the company, valued at $11,341,440. The disclosure for this sale can be found here. Insiders sold 1,173 shares of company stock valued at $390,798 in the last three months. Corporate insiders own 0.14% of the company’s stock.

Institutional Trading of KLA

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mutual Advisors LLC grew its holdings in KLA by 1.3% in the 4th quarter. Mutual Advisors LLC now owns 2,085 shares of the semiconductor company’s stock valued at $897,000 after buying an additional 27 shares during the last quarter. Clarius Group LLC grew its holdings in KLA by 1.5% in the 4th quarter. Clarius Group LLC now owns 1,835 shares of the semiconductor company’s stock valued at $789,000 after buying an additional 28 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in KLA by 21.8% in the 4th quarter. Prestige Wealth Management Group LLC now owns 162 shares of the semiconductor company’s stock valued at $70,000 after buying an additional 29 shares during the last quarter. Balasa Dinverno & Foltz LLC grew its holdings in KLA by 3.9% in the 1st quarter. Balasa Dinverno & Foltz LLC now owns 835 shares of the semiconductor company’s stock valued at $306,000 after buying an additional 31 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in KLA by 32.7% in the 4th quarter. Larson Financial Group LLC now owns 130 shares of the semiconductor company’s stock valued at $56,000 after buying an additional 32 shares during the last quarter. Institutional investors and hedge funds own 87.13% of the company’s stock.

About KLA

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KLA Corporation designs, manufactures, and markets process control and yield management solutions for the semiconductor and related nanoelectronics industries worldwide. The company offers chip and wafer manufacturing products, including defect inspection and review systems, metrology solutions, in situ process monitoring products, computational lithography software, and data analytics systems for chip manufacturers to manage yield throughout the semiconductor fabrication process.

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Earnings History and Estimates for KLA (NASDAQ:KLAC)

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